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Gold breaches Rs 50K, silver surges to Rs 60K; analysts see further upside

The price of gold gained momentum on the back of European leaders agreeing on a stimulus package to revive their Covid-hit economy and the US Congress struggling to agree on a new aid package

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Heightening tensions between the US and China also supported the rally

Rajesh Bhayani Mumbai
Gold and silver on Wednesday crossed Rs 50,000 and Rs 60,000 levels, respectively, in both physical and futures markets before clawing down a bit. 

At the popular Zaveri Bazar in the city, the yellow metal opened over Rs 50,000 per 10 gram, while silver over Rs 60,000 a kg.  While standard gold closed at Rs 49,980 per 10 gram, down 1.5 per cent, 999 purity gold ended its trade at Rs 50,181. Silver closed at Rs 59,170 a kg, up 7.9 per cent.

On the MCX, too, August futures of gold rose as high as  Rs 50,085, but cooling down

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